Shell profits: energy giant reveals highest profits in 115 years - how much did the gas and oil company make?

Oil giant Shell has said that profits rocketed in 2022 due to soaring oil prices. The latest figures represent the company’s highest profit in its 115 year history, surpassing the expectations of industry experts.

This is everything you need to know.

How much has Shell made?

Shell has said that its annual profits have more than doubled, reaching $84.3 billion dollars (£68.1 billion) last year as a result of skyrocketing oil prices.

The news comes amid continued questions over the scale of windfall taxes on energy producers, which have benefited from higher prices.

The London-listed oil major told investors that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) leapt 53% against the previous year, after energy prices were catapulted higher following the Russian invasion of Ukraine.

Adjusted earnings, including taxes, more than doubled to $39.9 billion dollars (£32.2 billion).

The figures are part of a debut set of results for Wael Sawan, who took over as chief executive at the start of the year.

Sawan said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition. As we continue to put our powering progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

“We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15% dividend increase and the four-billion-dollar share buyback programme announced today.”

Earlier this week, the new chief said it would combine its oil and gas production and liquified natural gas (LNG) divisions as part of an overhaul which will also cut the number of executive roles at the company.

What’s the reaction been like?

In response to energy giant Shell’s record profits, the Liberal Democrats said Prime Minister Rishi Sunak has failed to take action with a proper windfall tax.

Campaigners from Greenpeace said Shell is “profiteering from climate destruction” after the record profit haul.

“While Shell counts their record-breaking billions, people across the globe count the damage from the record-breaking droughts, heatwaves and floods this oil giant is fuelling,” Greenpeace senior climate justice campaigner Elena Polisano said.

Lib Dem leader Sir Ed Davey said: “No company should be making these kinds of outrageous profits out of Putin’s illegal invasion of Ukraine. Rishi Sunak was warned as chancellor and now as Prime Minister that we need a proper windfall tax on companies like Shell and he has failed to take action.

“Families across the country are struggling to heat their homes and feed their families and this Government turns round and says ‘there is nothing we can do’. They must tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.”

Labour shadow climate change secretary Ed Miliband also accused Sunak of being “too weak” to stand up to oil and gas interests.

He said: “As the British people face an energy price hike of 40% in April, the government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.”

Caroline Lucas, Green MP for Brighton Pavilion, tweeted: “@Shell are climate criminals - polluting our planet & escape with its highest profits *ever*. Yet our Govt is their accomplice - locking in more climate-wrecking fossil fuels & handing over a gas giveaway. For a livable future, we must kick out fossil fuels for good.”